Is this a good idea? Commercial
Ok so I just started out (haven’t even bought my first investment property) and an owner of a 50 unit reached out to me to see if I could help him. It sounds like an amazing opportunity but I have no idea what I’m doing!
Here’s what I know:
Building is 50 units.
Construction has already begun and is 37% phase one complete.
Current appraisal is 977 000. As of (Dec17/2020)
Expected complete value is 3.8 mil.
One private money loan of 300k in first position on property.
Needs 2.6 to complete construction.
9 units pre leased.
I told the guy that I was just starting but it sounds like a good opportunity so I would reach out to some people. What better people then the BP community!
You can check out the building at lemajestique.ca and I can try to answer any questions you have.